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| which of the following is an oligopolistic market? |
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| a process in which two or more firms combine their operation |
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Definition
| the antitrust law that made "every contract combination or conspiracy, in restraint of trade" illegal |
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| the first federal antitrust law |
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| beats all others, regardless of the opponents choice |
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Definition
| a dominant strategy is one that |
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| prevent certain business practices |
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Definition
| which is a us antitrust policy goal |
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| Federal Trade Commission Act |
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Definition
| antitrust law which established the FTC and was aimed at preventing unfair competitive practices, including those not yet dreamed up by creative entrepreneuers |
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Definition
| the lengthy delays for hearings and appeals over proposed rate increases by a natural monopoly |
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Definition
| oligopoly is the only market structure in which one finds |
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| each player believes it is doing the best it can given the behavior of its rivals |
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| nash equilibrium occurs when |
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| antitrust laws that made unjust price discrimination and tying contracts illegal |
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Definition
| in the prisoners dilemma, the highest return can be achieved by |
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Definition
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| may or may not have a dominant strategy |
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Definition
| if player 1 has a dominant strategy, then player 2 |
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| ignore all price changes of rivals |
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Definition
| the kinked demand model assumes firms will |
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| plays the best strategy given the other's strategy |
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Definition
| nash equilibrium in a duopoly is the situation where each player |
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| firms recognize that because there are only a few firms, mutual interdependence is important |
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Definition
| game theory is useful for understanding oligopoly behavior because |
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| because competition allocates resources more efficiently than monopoly does |
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Definition
| many economists believe that competition is preferable to monopoly |
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Term
| are a few firms producing differentiated or undifferentiated products |
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Definition
| in the model of oligopoly, there |
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Definition
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Definition
| in the US most cartels were declared illegal by the |
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Definition
| the financial monopolist in the film shown in class was |
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| The Men Who Built America |
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Definition
| the film shown in class was called |
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Definition
| Edison Electric Company was changed to |
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Term
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Definition
| oligopoly is a market structure that may have |
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| higher prices and lower competition |
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Definition
| if two high end airplane producers were to collude rather than compete, consumers would expect |
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Definition
| the game theory strategy is most appropriate when a market is |
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Term
| a decision-making entity at a firm involved in a strategic game |
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Definition
| a player in a game theoretic model is |
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| purchased Edison Electric |
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Definition
| in the film shown, JP Morgan |
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Term
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Definition
| in a two player game in which each player has two options, how many outcomes can there be? |
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Definition
| in the film shown in class, Carnegie Steel broke up the strike by hiring |
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Definition
| the ability to effect the price of a product is called |
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Definition
| which of the following was not a major industry in the 1800s |
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Definition
| govt control related to health and safety is called |
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Definition
| in the film shown in class, the steel monopolist was |
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Definition
| present game theory was developed by |
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